Wall Street Earnings Likely Hurt by Tough November

The early warning shots are being fired about the fourth-quarter earnings for Wall Street.

Two analysts on Monday issued reports cutting their fourth-quarter earnings estimates for banks with big capital market businesses, warning that November trading environment was more sluggish than expected.

Both Nomura’s Glenn Schorr and Wells Fargo’s Matthew Burnell reduced their expectations for the last three months of the year.

“October was decent, but November has slowed given the hurricane, election, and the U.S. fiscal cliff,” Schorr wrote. “With the holidays coming up, we are not expecting a big pick-up in activity through the end of the year.”